Grit Real Estate Income Group, a pan-African real estate company, reported impressive full-year results today including a 57.3% growth in profit from operations.
The company, which now has owns 25 properties across seven countries and five asset classes, reported a 27.4% jump in earnings per share to US$8.09 and a total return of 12.4%.
Its portfolio is now valued at US$825.2m, up from US$642.3m in June 2018, with a like-for-like property valuation uplift of 3.8%.
It reported a 0.96% rise in EPRA NAV to US$1.471. When you strip out the costs incurred in relation to its LSE listing in July 2018, EPRA NAV grew 4%.
The company has declared a dividend for the year ended 30 June 2019 of US$12.20 cent per share.
Operational highlights
In the year, Grit acquired: two assets in Ghana; the Acacia Estate in Mozambique; increased the units available for lease in the Vale accommodation compound in Tete, Mozambique; and increased its equity interest in the Mukuba Mall, in Zambia. The transactions were funded from proceeds of its listing on the LSE in July 2018.
A total of 93.6% (2018: 89.1%) of revenue is earned from multinational tenants. EPRA portfolio occupancy rate stands at 97.1% as at 30 June 2019 (2018: 96.7%).
The most significant activity in the year was the redevelopment of the Anfa Place Mall in Casablanca, Morocco at a total cost of US$25.09m. Post-completion valuations and assets returns are expected to be enhancing to the portfolio in the current and future financial years. Vacancy rates at the mall fell to 12.9%.
Grit also concluded a new five-year office lease to Exxon Mobil in Commodity House Phase 2 in Maputo.
GR1T : Grit Real Estate reports impressive full-year results